LEASES (Tables)

12 Months Ended

Dec. 31, 2024

Additional information regarding the Company’s operating and finance leases is as follows (in thousands, except for lease term and discount rate information):

Leases	Balance Sheet Classification	December 31, 2024		December 31, 2023
(in thousands)
Assets:
Operating	Operating lease assets	$	10,323	$	8,995
Finance	Financing lease assets		-		23
Total assets		$	10,323	$	9,018

Liabilities:
Current
Operating	Current portion of operating lease liabilities	$	3,205	$	3,172
Finance	Current portion of finance lease liabilities		-		-
Non-current
Operating	Operating lease liabilities, non-current		7,561		6,253
Finance	Finance lease liabilities, non-current		-		1
Total lease liabilities		$	10,766	$	9,426

Lease Cost

Lease Cost	Income Statement Classification	December 31, 2024			December 31, 2023
(in thousands)
Operating lease cost	Operating expenses	$	4,029		$	3,908
Operating lease cost	Impairment expense		(18	)		-
Short-term lease cost	Operating expenses		-			-
Variable lease cost (1)	Operating expenses		914			915
Finance:
Amortization of lease assets	Operating expenses		-			7
Interest on lease liabilities	Interest expense		-			-
Total lease cost		$	4,925		$	4,830

(1) Variable lease cost includes payment for certain real estate taxes, insurance, common area maintenance, and other charges related to lease agreements, which are not included in the measurement of the operating lease liabilities.

Maturity of Lease Liabilities

	December 31, 2024
Maturity of Lease Liabilities	Operating Leases			Finance Leases
(in thousands)
2025		3,840			-
2026		3,285			-
2027		2,730			-
2028		1,845			-
Thereafter		1,319			-
Total lease payments	$	13,019		$	-
Less: Interest		(2,253	)		-
Present value of lease liabilities	$	10,766		$	-

Operating Leases Other Information

Other Information	December 31, 2024		December 31, 2023
(in thousands)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows used in operating leases	$	3,512	$	3,955
Operating cash flows used in finance leases		-		-
Financing cash flows used in finance leases		1		15

Operating lease assets obtained in exchange for lease obligations
Operating leases, initial recognition		4,755		3,396
Operating leases, modifications and remeasurements		-		-

Lease Term and Discount Rate

Lease Term and Discount Rate	December 31, 2024			December 31, 2023
Weighted-average remaining lease term (years):
Operating leases		3.7			3.6
Finance leases		-			-
Weighted-average discount rate:
Operating leases		5.3	%		4.8	%
Finance leases		N/A			6.0	%